China to raise gasoline, diesel retail prices

BEIJING -- China will raise its retail prices of gasoline and diesel from Wednesday, based on recent changes in international oil prices, the country's top economic planner said on Tuesday.

Gasoline and diesel prices will increase by 65 yuan (about $9.04) and 60 yuan per tonne, respectively, the National Development and Reform Commission (NDRC) announced in a statement.

China's three biggest oil companies — the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation — and oil refineries have been directed to maintain oil production and facilitate transportation to ensure stable supplies.

Relevant departments in various regions should intensify market supervision and inspection efforts. They should implement strict measures to crack down on activities that violate national price policies to ensure market order, the NDRC said.